Senior Credit Underwriting Analyst

Overview

Join a Challenger Being a traditional bank just isn’t our thing, so we challenge ourselves to get creative in providing innovative banking solutions for Canadians. Our company continues to grow, and today we serve more than 780,000 customers across Canada through Equitable Bank, Canada's Challenger Bank, and have been around for more than 50 years. Equitable Bank's wholly-owned subsidiary, Concentra Bank, supports credit unions across Canada that serve more than six million members. Together we have over $138 billion in combined assets under management and administration, with a clear mandate to drive change in Canadian banking to enrich people's lives. Our customers have named our EQ Bank digital platform (eqbank.ca) one of the top banks in Canada on the Forbes World's Best Banks list since 2021.

The Work

The Senior Credit Underwriter is responsible for reviewing/recommending/approving/declining Alt-A mortgages originated from third party channels; and renewals from the prime portfolios, within their delegated credit limits. As a key member of the RESL team, the Underwriter is responsible for assisting in the engagement of the third-party originators/servicers and the Credit adjudication process of the bank’s residential mortgages. This position requires ability to analyze each mortgage deal with a high degree of professional critical thinking and use their expert judgement to recommend or decline Single Family Residential Mortgages offered by the Bank’s third-party partners. This must be done as efficiently as possible while exercising sound lending judgment and without compromising service and profitability.

Core Responsibilities

• The primary focus of this position is to perform the residential portfolio underwriting process from third party origination channels. Specific responsibilities include, but are not limited to, the following:
• Recommending/Approving the purchase/renewals of Single-Family Residential Mortgages originated from third party partnerships and Concentra’s Legacy direct lending business.
• Review and analyze Alt-A residential mortgage loans credit file documentation (credit reports, income/employment documentation and funding documents, etc.) to assess application in accordance with Residential Mortgage Underwriting Guideline and other relevant policy/guideline and procedures.
• The Underwriter must cross-reference the originator’s underwriting to both the RMMG – Third Party, as well as EQB’s internal Corporate Underwriting guidelines to ensure consistency.
• The Underwriter makes credit recommendations/approvals on individual mortgage deals reviewed in line with current delegated authority limits.
• Review mortgage data accuracy/integrity to ensure the information is consistently captured and documented in accordance with internal standards.
• Analyze and validate all reported observations and provide detailed and accurate documentation to substantiate findings.
• Builds and maintains relationships with both internal and external stakeholders:
• Prioritizes applications and workflow to ensure consistent and sound risk assessments are maintained while managing high volumes and a continued focus on service excellence
• Establishes and maintains positive relationships with mortgage originators to build loyalty to the Bank
• Provide excellent customer service to other departments and third-party originators through professional written and verbal communication.
• On a daily basis provide the highest level of internal and external customer service while fielding originator inquiries.
• Directly responsible for updating third party originators of all interest rate changes/updates.
• Designs, implements, and prepares reports, papers, plans, dashboards and templates for clients, senior management and multiple internal committees
• Responsible for key metric reporting to Managing Director, Consumer Markets – includes non-conforming loans, exceptions, standard approval/declines and pre-approvals.
• Working closely with internal departments to provide feedback and support recommendations to continually improve the effectiveness and efficiencies on internal processes
• Works closely with internal departments to identify areas of opportunity/gaps in procedural guidelines and makes recommendations for effective changes.
• Develops, implements, documents and evaluates processes and procedures across credit portfolios with internal teams
• Stays current with latest industry knowledge, competition, and market trends
• Helps support and maintain a robust fraud and compliance environment as an active and engaged member of the Banks first line of defense.
• Ensure that a UAR (Unusual Activity Report) is submitted on loans suspected of containing fraud and perform risk assessments on a broader scale, when identified.
• Assist in the identification of new and evolving fraud trends or systematic issues and patterns.
• Timely escalation/reporting of any evidence of fraud identified through detailed review which may impact other areas of the business.
• Assists with portfolio risk management practices and reporting, ensuring compliance with lending policies and procedures
• Ensures disciplined execution of applicable corporate credit policies, strategies and market best practices
• Assesses third party originator performance and accuracy by reviewing loan decisions for residential mortgages
• Provides input and support to the support internal/external audits and annual servicer reviews
• Monitors action plans for fraudulent/watch list accounts in adherence to internal controls
• University degree or equivalent - preferably in finance, business, or a related field
• A minimum of three to five years in a related role pertaining to residential mortgage origination (underwriting and operational).
• Sound knowledge and understanding of Alt-A products, Prime and Reverse mortgages, operations, processes, services, systems and associated risks and controls.
• Demonstrated ability to review residential mortgage documentation, audit, perform analyses, validate, and document potential risk to determine course of appropriate corrective action and/or make recommendations of such action.
• Extensive knowledge of underwriting best practices and apply them to their day-to-day work.
• In depth understanding of Residential Mortgages underwriting processes and requirements.
• Sound understanding of Mortgage related regulatory requirements (OSFII B20, AML/ATF), and Mortgage Insurer requirements (CMHC, Genworth)
• PC skills including Microsoft Outlook, Word, Excel, Power Point, related applications, and other software applications used within the organization.
• Excellent organizational skills and ability to complete responsibilities in a busy and time sensitive environment.
• Strong analytical skills.
• Strong verbal and written communication skills.
• Attention to detail and an ability to identify potential problems within files.
• Self-motivated.
• Strong interpersonal skills.
• Work effectively in a team setting to accomplish goals and complete tasks.
• Ability to make decisions under pressure.
• Excellent time management, analytical and problem-solving skills.
• Displays pride in providing superb customer service.

What we offer

• For full-time permanent roles
• Competitive discretionary bonus
• Market leading RRSP match program
• Medical, dental, vision, life, and disability benefits
• Employee Share Purchase Plan
• Maternity/Parental top-up while you care for your little one
• Generous vacation policy and personal days
• Virtual events to connect with your fellow colleagues
• Professional development and comprehensive Career Development program
• A fulfilling opportunity to join one of the top FinTechs and help create a new kind of banking experience

Equitable Bank is deeply committed to inclusion. Our organization is stronger and our employees thrive when we honour and celebrate everyone’s diverse experiences and perspectives. In tandem with that commitment, we support and encourage our staff to grow not just in their career path, but personally as well. We commit to providing a barrier-free recruitment process and work environment for all applicants. Please let us know of any accommodations needed so that you can bring your best self to the application process and beyond. All candidates considered for hire must successfully pass a criminal background check and credit check to qualify for hire. While we appreciate your interest in applying, an Equitable recruiter will only contact leading candidates whose skills and qualifications closely match the requirements of the position. We can’t wait to get to know you!